2021.10.2010:05:00UTC+00Oil Retreats After API Data

Oil slipped from a seven-year high on Wednesday after industry data pointed to another increase in U.S. crude stockpiles.

Benchmark Brent crude futures fell 85 cents, or 1 percent, to $84.23 a barrel, while U.S. West Texas Intermediate (WTI) futures were down 91 cents, or 1.1 percent, at $81.53.

The American Petroleum Institute (API) on Tuesday reported its fourth straight week of crude oil inventory builds.

Crude stocks rose by 3.3 million barrels for the week ended Oct. 15 while analysts had expected a build of 2.2 million barrels.

However, gasoline inventories fell by 3.5 million barrels and distillate stocks fell by 3 million barrels.

U.S. government data on inventories will be out later in the day.

Brent has risen by about 19 percent since the start of September, while WTI has gained around 21 percent amid ongoing concerns around a worldwide energy crisis.

Plunging temperatures across parts of China stoked fears that shortages in power are likely to increase over the coming northern hemisphere winter.

The power crunch is sending prices higher but there are signs that growth is beginning to moderate.

Chinese economic growth fell to its lowest level in a year in the third quarter, official data showed on Monday.

China's daily crude oil processing rate also fell last month, dropping to the lowest level since May of last year.